What is Term Life Insurance?

Term Life Insurance, or Term Insurance, is a form of life insurance that covers a certain period of time, usually 10 or 20 years, and pays your loved ones (beneficiary) a tax-free lump sum (death benefit) upon your (insured) death, during that period. Coverage continues to the duration of the term, as long as the premiums are paid. Some plans are renewable after the term is up, with a new premium amount based on the insured age at that time.

Why buy Term Life Insurance?

Will your death leave your loved ones in a financial bind? If you answer yes to this question, then you most likely will need some form of life insurance.

The advantage of term insurance over permanent whole life insurance is cost. Term life insurance is more affordable than permanent insurance because it covers the insured only for a duration of time, instead of for life. The shorter the term, the cheaper the premium amounts. Because of the lower cost associated with term life insurance, you are able to get a larger coverage amount compared to permanent insurance.

The disadvantage of term insurance is that it only covers you for a certain period of time. If you out live this period, then the coverage ends. On most plans, you can renew the policy with no further medical exam requirements, however premiums will be higher, based on your age at that time.

Most people purchase term insurance to help assist family members and loved ones with covering expenses and to replace the income lost to your family.

Some reasons to get term insurance:

• Replace the income lost to your family and to maintain their standard of living
• Pay off debts and expenses – such as mortgage, loans and credit cards
• Pay for a nanny or babysitter if non-bread winner was taking care of children
• Create a fund for children’s education
• Create a family emergency fund or a fund for a family with special needs
• Cover final and estate expenses, such as funeral costs and estate taxes
• Provide needed cash to business partners
• Fund a favorite charity

Why allow your loved ones the burden to come up with these costs when you can plan ahead and get the proper protection now?

With our no medical exam simplified and deferred term 10 and 20 plans, obtaining coverage from $50,000 to $150,000 can be simple and affordable.
To see the premiums and get a free life insurance quote, please click here:
http://www.nomed.ca/nomed_quote.html